Overview

• Top U.S. banks are exploring a joint stablecoin to compete with crypto-native issuers like Tether and Circle in the $245 billion market.
• Discussions involve companies co-owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and others, but remain in early conceptual stages.
• One proposed model would allow a stablecoin to be used by banks beyond the consortium's co-owners, expanding its potential reach.
• The initiative's progress depends on forthcoming U.S. legislation, including the GENIUS Act and STABLE Act, which aim to regulate stablecoins.
• Regional and community banks are reportedly considering forming a separate stablecoin consortium, reflecting broader interest in the sector.